Maryland State Retirement & Pension System Sells 2,238 Shares of SBA Communications Co. (NASDAQ:SBAC)

Maryland State Retirement & Pension System trimmed its position in SBA Communications Co. (NASDAQ:SBAC) by 2.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 94,632 shares of the technology company’s stock after selling 2,238 shares during the quarter. Maryland State Retirement & Pension System owned 0.09% of SBA Communications worth $19,286,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. State Street Corp increased its stake in SBA Communications by 1.8% in the third quarter. State Street Corp now owns 4,643,527 shares of the technology company’s stock valued at $1,117,697,000 after acquiring an additional 81,566 shares during the last quarter. JPMorgan Chase & Co. increased its stake in SBA Communications by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 4,254,460 shares of the technology company’s stock valued at $1,024,049,000 after acquiring an additional 605,872 shares during the last quarter. Diamond Hill Capital Management Inc. increased its stake in SBA Communications by 8.3% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,861,091 shares of the technology company’s stock valued at $379,290,000 after acquiring an additional 142,054 shares during the last quarter. Victory Capital Management Inc. increased its stake in SBA Communications by 46.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,781,231 shares of the technology company’s stock valued at $363,015,000 after acquiring an additional 565,137 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in SBA Communications by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,308,511 shares of the technology company’s stock valued at $266,675,000 after acquiring an additional 38,725 shares during the last quarter. 97.35% of the stock is owned by institutional investors.

Insider Buying and Selling

In other SBA Communications news, VP Joshua Koenig sold 2,209 shares of SBA Communications stock in a transaction on Friday, March 7th. The shares were sold at an average price of $224.18, for a total value of $495,213.62. Following the completion of the sale, the vice president now directly owns 6,079 shares of the company’s stock, valued at approximately $1,362,790.22. The trade was a 26.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Donald Day sold 2,321 shares of SBA Communications stock in a transaction on Friday, December 20th. The shares were sold at an average price of $203.43, for a total transaction of $472,161.03. Following the completion of the sale, the executive vice president now directly owns 4,998 shares of the company’s stock, valued at approximately $1,016,743.14. This trade represents a 31.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

SBA Communications Stock Performance

Shares of NASDAQ:SBAC opened at $223.15 on Wednesday. SBA Communications Co. has a 52 week low of $183.64 and a 52 week high of $252.64. The firm’s fifty day moving average is $208.18 and its 200-day moving average is $220.21. The firm has a market cap of $24.01 billion, a PE ratio of 35.20, a price-to-earnings-growth ratio of 0.74 and a beta of 0.74.

SBA Communications Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be paid a dividend of $1.11 per share. This represents a $4.44 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Thursday, March 13th. This is an increase from SBA Communications’s previous quarterly dividend of $0.98. SBA Communications’s dividend payout ratio (DPR) is currently 63.98%.

Wall Street Analyst Weigh In

SBAC has been the topic of a number of research analyst reports. StockNews.com lowered shares of SBA Communications from a “buy” rating to a “hold” rating in a research report on Thursday, February 20th. Citizens Jmp upgraded shares of SBA Communications to a “strong-buy” rating in a research report on Monday, January 27th. BMO Capital Markets restated a “market perform” rating and issued a $230.00 target price (down previously from $260.00) on shares of SBA Communications in a research report on Wednesday, December 18th. Wells Fargo & Company raised their target price on shares of SBA Communications from $210.00 to $225.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $255.00 target price on shares of SBA Communications in a research report on Monday, February 24th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $252.54.

SBA Communications Company Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC.